"Despite Bitcoin's Rebound to $90,000, It's Too Early to Be Relieved"

Cryptocurrency A to Z

Expectations of US Tariff Easing

$94,000 in Two Months

"Merely a Technical Rebound"

Caution Amid Bull Market

Bitcoin, which had been in a sideways trend recently, succeeded in rebounding and escaped the early to mid-$80,000 range. Analysts suggest that Bitcoin is gaining attention as a hedge against risks such as the US-initiated tariff war. However, some argue that it is too early to determine a bull market.

According to CoinMarketCap on the 27th, Bitcoin's price began to show a strong rebound from the 21st. Just two days after the uptrend began, on the 23rd, it surpassed $94,000 for the first time in about two months since early last month. Since then, Bitcoin's price has fluctuated slightly, maintaining a support line at $93,000.

The rebound is attributed to various factors, but expectations of US tariff easing are considered a key factor. US President Donald Trump hinted at the possibility of negotiations between the US and China this week, saying, "(The tariff rate on China) depends on China." Scott Besant, the US Treasury Secretary and economic leader of the Trump administration's second term, also boosted investor expectations by saying, "The US-China trade war is unsustainable."

The coupling (synchronization) phenomenon between gold and Bitcoin is also noteworthy. Initially, Bitcoin's price showed a decoupling (desynchronization) from gold until last week. However, this week, Bitcoin continued its upward trend along with gold, surpassing Google's parent company Alphabet to rank fifth in global asset market capitalization on the 24th. Oinonen, a contributor to CryptoQuant, analyzed, "The correlation between gold and Bitcoin is gradually strengthening," and "Bitcoin prices generally tend to follow gold prices with a lag of several months."

As large investors' buying pressure increases, expectations for a Bitcoin bull market are growing among investors. According to the on-chain analysis platform Glassnode, the accumulation indicator for large investors holding more than 10,000 Bitcoins surpassed 0.9 on the 24th. Typically, when the accumulation indicator exceeds 0.5, buying pressure is considered strong.

There are also opinions that it is too early to say that Bitcoin has entered a full-fledged bull market. As it is difficult to say that global economic uncertainty has been resolved, the recent uptrend is merely a technical rebound.